Core Viewpoint - Huawei's high-end product Mate60 Pro has generated significant market interest, leading to a surge in "Huawei concept stocks," particularly Crownstone Technology, which experienced consecutive trading halts due to increased investor attention [1] Company Overview - Crownstone Technology's market capitalization reached 3.7 billion yuan following a notable stock price increase [1] - The company disclosed that only a small portion (1%-2%) of its revenue is derived from products used in Huawei smartphones, indicating limited direct exposure to Huawei's success [1] - Crownstone specializes in the research, production, and sales of semiconductor display devices and specialty adhesive materials, with semiconductor display devices contributing 89% of total revenue in 2022, amounting to 990 million yuan [1] Client Relationships - Crownstone has established strong partnerships with leading display panel manufacturers such as BOE, Rainbow Optoelectronics, and Foxconn, with products used in popular models from brands like Huawei, Xiaomi, OPPO, VIVO, Hisense, Skyworth, Apple, and Samsung [2] - Sales to the top five clients accounted for over 88% of total revenue from 2020 to 2022, with BOE consistently representing over 50% of sales [2] Investment and Growth Plans - The company is focusing on the semiconductor sector, having signed an investment agreement to build a semiconductor photomask manufacturing project with a total investment of 2 billion yuan [2] - A fundraising plan aims to raise up to 800 million yuan for this project, which is expected to have an annual production capacity of 12,450 semiconductor photomasks, covering process nodes from 350-28nm [2][3] Performance and Challenges - Crownstone's revenue and net profit declined in 2022, with total revenue of 1.108 billion yuan, down 20.69%, and net profit of 81.63 million yuan, down 17.25% [3] - In the first half of the current year, revenue and net profit continued to decline, reaching 417 million yuan and 29.27 million yuan, respectively, representing year-on-year decreases of 32.37% and 28.96% [3] - The company has implemented an equity incentive plan for key employees, aiming for revenue growth rates of at least 10%, 30%, and 50% from 2023 to 2025 based on 2022 revenue [3] Market Activity - Recent trading activity indicates significant speculation, with major buying and selling occurring from speculative trading desks [4]

Group 1: Company Insights - Guanshi Technology, established in 2002, focuses on semiconductor display devices and specialty adhesive materials, with clients including leading companies like BOE [1] - The company is implementing a "big and small" strategy to enter the photomask manufacturing sector, expecting revenue of 1.359 billion yuan in 2024, a year-on-year increase of 51.95%, and 337 million yuan in Q1 2025, a year-on-year increase of 22.32% [1] - The Ningbo Guanshi Semiconductor photomask manufacturing project commenced in October 2023, aiming for 55nm photomask delivery by March 2025, with a total investment of 1.6 billion yuan and an annual production capacity of 12,450 photomasks [1] Group 2: Industry Trends - The demand for semiconductor photomasks is expected to rise in the medium to long term, with current domestic photomask production rates at approximately 10% and high-end photomasks at about 3% [1] - The global semiconductor market is continuously growing, with photomasks being a critical material, and independent photomask manufacturers gaining market share [1] - The company plans to strengthen its core business through technological innovation and product upgrades while entering the upstream raw materials sector of semiconductors [1] Group 3: Additional Company Insights - Nanji Guang, involved in the Nintendo Switch 2 development, opted for LCD technology over OLED due to advancements in LCD, featuring a 7.9-inch wide color gamut LCD display with 1920x1080 resolution and 120Hz refresh rate [2]

机构简介： 上海晨燕资产管理中心（有限合伙）备案于中国基金业协会，协会登记编号P1013090。晨燕资产成立 于2015年4月，致力于投资二级市场中具有确定性变化的龙头企业。我司的投研体系建立在高执行力的 基础上，将一些同行泛泛而谈的"自下而上和自上而下相结合"、"投研内部协同"和"大类资产分析"用可 维护可跟踪的手段贯彻到投研的全过程。有明确的大类资产配置框架，以此确定权益类与其他大类资产 的风险收益比。有中观行业比较体系，善于发掘风险收益比合适的投资板块。有价值选股的公司研究框 架，能够找出从行业中脱颖而出，具有估值吸引力的龙头企业。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及8月8日披露的机构调研信息，知名私募晨燕资产近期对1家上市公司进行了调研， 相关名单如下： 1）冠石科技 （晨燕资产管理有限公司参与公司特定对象调研） 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.9 ...

Group 1 - The core viewpoint of the news is that Xishan Capital has conducted research on Guanshi Technology, which is expanding into the semiconductor photomask manufacturing sector, indicating strong growth potential in the industry [1] - Guanshi Technology, established in 2002, specializes in semiconductor display devices and special adhesive materials, with major clients including BOE Technology Group [1] - The company is implementing a "one large and one small" strategy and plans to start production of photomasks in October 2023, with expected revenue of 1.359 billion yuan in 2024, representing a year-on-year growth of 51.95% [1] Group 2 - The photomask manufacturing project has an investment of 1.6 billion yuan and a construction period of 60 months, aiming for an annual production capacity of 12,450 photomasks upon completion [1] - Currently, the domestic photomask production rate in China is about 10%, with high-end photomasks at only 3%, indicating significant room for growth and domestic substitution [1] - The global semiconductor market is continuously growing, and photomasks are critical materials, with independent photomask manufacturers gaining market share [1]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.95%；2025年Q1营 收3.37亿元，同比增长22.32%。宁波冠石半导体有限公司光掩膜版制造项目于2023年10月开工，2025年 3月实现55nm光掩膜版交付及40nm生产线通线。未来中长期半导体光掩膜片需求提升，国产化替代将 提升需求，目前中国半导体掩膜版国产化率约10%，高端掩膜版国产化率仅约3%。光掩膜版技术壁垒 高，公司技术团队经验丰富，掌握全流程生产工艺，具备自主研发能力。项目投资16亿元，建设周期60 个月，建成后年产12,450片光掩膜版，提前6个月完成部分设备交付。全球半导体市场规模持续增长， 光掩膜版是关键材料，第三方独立掩膜版厂商优势明显，市场份额增加。光掩膜版应用于高性能计算、 人工智能等领域，公司通过技术创新、产品升级等进一步做强主业，进军半导体上游原材料领域。 机构简介： 上 ...

根据市场公开信息及8月8日披露的机构调研信息，知名私募颐和久富投资近期对1家上市公司进行了调 研，相关名单如下： 1）冠石科技 （颐和久富投资管理有限公司参与公司特定对象调研） 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.95%；2025年Q1营 收3.37亿元，同比增长22.32%。宁波冠石半导体有限公司光掩膜版制造项目于2023年10月开工，2025年 3月实现55nm光掩膜版交付及40nm生产线通线。未来中长期半导体光掩膜片需求提升，国产化替代将 提升需求，目前中国半导体掩膜版国产化率约10%，高端掩膜版国产化率仅约3%。光掩膜版技术壁垒 高，公司技术团队经验丰富，掌握全流程生产工艺，具备自主研发能力。项目投资16亿元，建设周期60 个月，建成后年产12,450片光掩膜版，提前6个月完成部分设备交付。全球半导体市场规模持续增长， 光掩膜版是关键材料，第三方独立掩膜版厂商优势明显，市场份额增加。光掩膜版应用于高性能计算、 人工智能等领域，公司通过技术创新、产品升级等进一 ...

根据市场公开信息及8月8日披露的机构调研信息，知名私募东方睿石近期对1家上市公司进行了调研， 相关名单如下： 1）冠石科技 （北京东方睿石投资管理有限公司参与公司特定对象调研） 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.95%；2025年Q1营 收3.37亿元，同比增长22.32%。宁波冠石半导体有限公司光掩膜版制造项目于2023年10月开工，2025年 3月实现55nm光掩膜版交付及40nm生产线通线。未来中长期半导体光掩膜片需求提升，国产化替代将 提升需求，目前中国半导体掩膜版国产化率约10%，高端掩膜版国产化率仅约3%。光掩膜版技术壁垒 高，公司技术团队经验丰富，掌握全流程生产工艺，具备自主研发能力。项目投资16亿元，建设周期60 个月，建成后年产12,450片光掩膜版，提前6个月完成部分设备交付。全球半导体市场规模持续增长， 光掩膜版是关键材料，第三方独立掩膜版厂商优势明显，市场份额增加。光掩膜版应用于高性能计算、 人工智能等领域，公司通过技术创新、产品升级等进一 ...

机构简介： 根据市场公开信息及8月8日披露的机构调研信息，知名私募榕果投资近期对1家上市公司进行了调研， 相关名单如下： 1）冠石科技 （东莞市榕果投资管理有限公司参与公司特定对象调研） 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.95%；2025年Q1营 收3.37亿元，同比增长22.32%。宁波冠石半导体有限公司光掩膜版制造项目于2023年10月开工，2025年 3月实现55nm光掩膜版交付及40nm生产线通线。未来中长期半导体光掩膜片需求提升，国产化替代将 提升需求，目前中国半导体掩膜版国产化率约10%，高端掩膜版国产化率仅约3%。光掩膜版技术壁垒 高，公司技术团队经验丰富，掌握全流程生产工艺，具备自主研发能力。项目投资16亿元，建设周期60 个月，建成后年产12,450片光掩膜版，提前6个月完成部分设备交付。全球半导体市场规模持续增长， 光掩膜版是关键材料，第三方独立掩膜版厂商优势明显，市场份额增加。光掩膜版应用于高性能计算、 人工智能等领域，公司通过技术创新、产品 ...

Group 1 - The stock price of Guanshi Technology on August 8 was 50.30 yuan, down 2.17 yuan or 4.14% from the previous trading day [1] - The opening price on that day was 50.96 yuan, with a high of 51.88 yuan and a low of 49.66 yuan, and the trading volume was 45,800 hands with a transaction amount of 231 million yuan [1] - Guanshi Technology's main business includes the research, production, and sales of semiconductor display devices and special adhesive materials, with products such as polarizers, functional devices, and signal connectors, primarily used in LCD TVs and smartphones [1] Group 2 - On August 7, Guanshi Technology received multiple institutional research visits, including from Founder Securities Asset Management, discussing the company's business layout and technological advancements [1] - Over the past year, the company has received 36 research visits from 31 institutions, indicating a high level of market interest [1] - On August 8, the net outflow of main funds was 9.6373 million yuan, while the cumulative net inflow over the past five days was 24.8862 million yuan [2]

Summary of Guanshi Technology Conference Call Company Overview - Guanshi Technology focuses on semiconductor grinding plates, specifically in the 28nm to 55nm photomask segment, with significant advancements in production capabilities and technology [2][3][4]. Key Points Industry and Market Dynamics - The semiconductor industry is experiencing a traditional peak season, leading to increased outsourcing of grinding plate business from major manufacturers like SMIC [2][6]. - Guanshi Technology is actively expanding into overseas markets, with special products already sent for verification [2][5]. Financial Performance and Projections - Guanshi Technology expects revenue of 1.36 billion RMB in 2024, representing a year-on-year growth of 51.95% [2][3]. - For Q1 2025, the company anticipates revenue of 337 million RMB, a 22% increase year-on-year [2][3]. - The company projects to achieve 28nm mass production by 2028, with an estimated annual output of 12,450 wafers and revenue of approximately 850 million RMB, with a net profit margin of around 20% [4][23]. Technological Advancements - The company has completed its 28nm technology reserves and expects key equipment to be in place by the end of the year, with mass production starting in Q2 2025 [2][7][14]. - Guanshi Technology possesses the capability to produce at the 14nm process node but has not publicly announced this [12][14]. Competitive Landscape - Guanshi Technology is positioned ahead of competitors through strategic equipment layout and a strong technical team, which includes experienced personnel from leading firms [4][13]. - Domestic competitors include companies like Lightech, Ruvi, and Longtu, primarily focused on mature process nodes [12][13]. Production and Capacity Planning - The Ningbo subsidiary's equipment is 90% complete, with a team composed of experienced professionals and recent graduates [2][3][6]. - The company is targeting production for domestic 12-inch and some 8-inch lines, with ongoing communication and verification with major manufacturers [6][7]. Risks and Challenges - The company faces challenges related to the low domestic localization rate for 28nm and above process nodes, which currently relies heavily on international suppliers [17]. - There are potential risks associated with international supply chains, although Guanshi Technology is exploring domestic supplier partnerships to mitigate these risks [16]. Future Outlook - Guanshi Technology is expected to achieve breakeven by late 2026 to early 2027, with a projected annual profit level of around 40 million RMB [26]. - The company is optimistic about its growth potential due to low market penetration and a domestic replacement rate of less than 10% [28]. Additional Insights - The introduction of multi-exposure technology by SMIC is expected to increase demand for photomasks, positively impacting the industry [18]. - The pricing for 28nm processes ranges from 1 million to 1.5 million USD, depending on customer specifications [19]. This summary encapsulates the key insights from the conference call, highlighting Guanshi Technology's strategic positioning, financial outlook, technological advancements, and market dynamics.